Market share continued to move back to some
primary venues with the exception of CAC and IBEX,
and there was a reversal of the attrition of volume
to MTFs again with the exception of CAC and IBEX.

Turquoise appears to be the major loser amongst
the MTFs with Market share down on all markets
apart from IBEX.

Chi-x and BATS had mixed results across markets,
with larger reductions on SMI and MIB for Chi-x, and
a large increase on CAC for BATS. Aquis continues
to gain market share on FTSE,CAC,DAX, MIB and
OMX-S.

Market spreads have continued to tighten in Q4
and are now at their lowest point since MiFID
was introduced.

However, in Q4 the average resting liquidity
decreased again below 2016 figures.